SHAREHOLDER UPDATE
July 24, 2008

Dear Shareholders:

This has been a very busy period working with the various potential Joint Venture parties involving numerous trips to the Alto de Lipangue property, meetings with principal representatives, government officials and numerous “Abogados”.  We have contracted with a specialized firm of Chilean lawyers to assist us in closing a meaningful and proper agreement for the Company.  They are working closely with us and the potential joint venture partners on presentation and documentation.

There remain several entities that we continue to meet with, each offering different opportunities for Medinah, but we are concentrating in closing and finalizing with the group we feel would be most advantageous to us in the immediate future and in the longer-term development.

This has been a long and arduous series of negotiations, but we are well represented to complete a Joint Venture participation agreement very rapidly.

We are pleased to report that we have now received the official documentation evidencing our ownership of a 5% interest in the company “Minera Global Gold Valdivia S.C.M.”  Active exploration and development is continuing on the Madre de Dios holdings.

I am confident that the next Shareholder’s Meeting will be a happy time for us all.

Yours truly,

Juan José Quijano Fernández
President